Andrey Litvinov

Silver’s leap above 100 dollars per ounce in January 2026 marks one of the most extreme price moves in the modern history of the metal. After already gaining about 147% in 2025, silver added another 40% in just the first weeks of the new year, pushing it far beyond levels that many analysts consider justified by fundamentals alone.

The sharp rise in gold prices over the past two years has transformed gold from a conservative reserve asset into a central pillar of monetary sovereignty and geopolitical risk management. With bullion prices climbing more than 60% and repeatedly setting new records above 4,300 dollars per troy ounce, gold has re-entered the strategic core of global finance.

The price surge in precious metals during 2025 did not simply lift gold and silver to new highs; it fundamentally changed how people in different countries interact with these metals. What is striking is not just the scale of the rally, but the consistency of one outcome across very different markets: jewellery is losing ground to bars and coins. Yet this shift is not driven by a single global logic. Instead, it reflects a mosaic of national circumstances—tourism flows, tax systems, inflation histories, currency weakness, and deeply rooted cultural habits—that together are reshaping physical demand.